Howard Tenens Logistics’ first full year of trading delivered more than £66m in turnover and pre-tax profits of £4.7m.
The Stroud-based warehousing and logistics company was incorporated in November 2017, acquiring the trade and net assets of the distribution and warehousing business from parent company Howard Tenens on 1 April 2018.
Reporting its first full year results to 30 September 2019, the company revealed a rise in turnover to £66.6m, compared to turnover of £36.4m in the 11 months to 30 September.
Transport delivered the lion’s share of turnover, rising to £39m from £20m in the previous period, whilst warehousing delivered turnover of £27.6m (£2018: £16.3m).
Pre-tax profit in the period increased to £4.7m compared to a pre-tax profit of £298,000 in the prior 11 months.
In its business review to the results Howard Tenens Logistics said its first full year of trading had been a period of consolidation with the company focusing on developing long term relationships with its customers and thinking “more strategically” about new ones “in order to drive mutual value” which it added would provide a “good springboard” for further growth.
Its subsidiary Howard Tenens (West London) also reported its results this month, revealing that it had lost and then regained a major customer in the year to 30 September 2019.
The company saw turnover fall in the 12 month period to £12.5m, down from £13.4m the previous year, recording a loss of £121,000, compared to a pre-tax profit of £337,000 in the previous year.
Howard Tenens (West London) said that despite the loss of the client it had decided to retain its skilled workforce, confident it would win new work.
It added that the gamble paid off when the customer returned before the year end, citing the company’s level of service for its change of heart.
As a result Howard Tenens (West London) is predicting “solid improvement” in its performance this year.
The post Howard Tenens Logistics sees profit boost in first full year of trading appeared first on Motor Transport.